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Wednesday, 1 July 2015

Qatar Islamic Bank raises 2 billion riyals with Tier 1 sukuk

Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, has raised 2 billion riyals ($550 million) with a Tier 1 perpetual sukuk issue, it said on Wednesday. 

The sale was completed on Tuesday and was in accordance with Basel III banking rules, it said in a statement to the bourse. The issue will enhance the bank's capital adequacy ratios and support its business growth, it said.

QIB joins a string of Gulf banks which have tapped the debtmarkets in recent months to replenish their reserves after a period of strong lending growth.

In February, shareholders of QIB approved the issue of up to 5 billion riyals of Tier 1 sukuk.

Last month, Saudi Arabia's National Commercial Bank raised 1 billion riyals ($267 million) through a sukuk issue that enhanced its core capital.

(Al-Arabiya News / 01 July 2015)
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